'Bit like calling last drinks before the bar is even opened': Businesses want to apply for major 2023 budget announcement, but they can't

'Bit like calling last drinks before the bar is even opened': Businesses want to apply for major 2023 budget announcement, but they can'tAs part of budget, the government announced it would temporarily increase the instant asset write-off threshold to $20,000, but it's since been amended to $30,000 in the Senate.The bill is back with the lower house for final sign-off but the window to take advantage of it will close on June 30.

In simple terms, eligible businesses can claim an immediate tax deduction after buying something — like a new ute or coffee machine.For example, as part of the 2023–24 Budget, the government announced it would temporarily increase the instant asset write-off threshold to $20,000."Things like deep fryers, we've got dishwashers, we've got cake fridges, we've got drinks fridges," she said.

"There was a joint letter written to copy at least six months ago really calling out concern about the failure for it to be legislated about half-way through the financial year and now we're almost at the very end of the financial year," Small Business Council CEO Luke Achterstraat said."We really need these programs to be given certainty, not at five minutes to midnight but actually given certainty over a period of time, ideally over the forward estimates.

But the Coalition wanted to increase the threshold to $30,000 – allowing businesses to claim accelerated depreciation on a wider range of assets.Australians are being told to brace for a tidal wave of small businesses going bust, and the job losses that may come with that.While this amendment, with crossbench support, passed the Senate in March, it's now sitting in the House of Representatives waiting for final sign-off and parliament does not sit again until later this month.

"The fact it was announced in last year's budget and the legislation has not come through — it's really asking for a fair bit of faith on behalf of businesses who are potentially looking to change their behaviour," Mr Achterstraat said.

Instant Asset Write-Off Federal Parliament Budget 2023 Tax

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